Document_and_Entity_Informatio
| Document and Entity Information | 6 Months Ended | |
| Jun. 30, 2014 | Aug. 14, 2014 | |
| Document And Entity Information [Abstract] | ' | ' |
| Document Type | '10-Q | ' |
| Amendment Flag | 'false | ' |
| Document Period End Date | 30-Jun-14 | ' |
| Document Fiscal Year Focus | '2014 | ' |
| Document Fiscal Period Focus | 'Q2 | ' |
| Trading Symbol | 'CK0001368757 | ' |
| Entity Registrant Name | 'GTJ REIT, Inc. | ' |
| Entity Central Index Key | '0001368757 | ' |
| Current Fiscal Year End Date | '--12-31 | ' |
| Entity Filer Category | 'Smaller Reporting Company | ' |
| Entity Common Stock, Shares Outstanding | ' | 13,732,232 |
Condensed_Consolidated_Balance
| Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
| In Thousands, unless otherwise specified | ||
| Real estate, at cost: | ' | ' |
| Land | $138,921 | $135,238 |
| Buildings and improvements | 188,296 | 174,227 |
| Total real estate, at cost | 327,217 | 309,465 |
| Less: accumulated depreciation and amortization | -24,260 | -21,449 |
| Net real estate held for investment | 302,957 | 288,016 |
| Cash and cash equivalents | 4,525 | 6,323 |
| Rental income in excess of amount billed | 12,864 | 11,851 |
| Acquired lease intangible assets, net | 15,313 | 16,528 |
| Assets of discontinued operations | 203 | 461 |
| Other assets | 10,835 | 9,010 |
| Total assets | 346,697 | 332,189 |
| Liabilities: | ' | ' |
| Mortgage notes payable | 187,229 | 178,930 |
| Revolving credit facility | 10,398 | ' |
| Accounts payable and accrued expenses | 1,834 | 1,941 |
| Dividends payable | 1,094 | 1,094 |
| Acquired lease intangible liabilities, net | 8,358 | 8,882 |
| Liabilities of discontinued operations | 2,280 | 2,481 |
| Other liabilities | 3,316 | 4,425 |
| Total liabilities | 214,509 | 197,753 |
| Commitments and contingencies | ' | ' |
| Equity: | ' | ' |
| Common stock, $.0001 par value; 100,000,000 shares authorized; 13,732,232 and 13,678,704 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 1 | 1 |
| Additional paid-in capital | 138,710 | 138,516 |
| Distributions in excess of net income | -82,253 | -80,641 |
| Total stockholders' equity | 56,458 | 57,876 |
| Noncontrolling interest | 75,730 | 76,560 |
| Total equity | 132,188 | 134,436 |
| Total liabilities and equity | 346,697 | 332,189 |
| Series A Preferred Stock [Member] | ' | ' |
| Equity: | ' | ' |
| Preferred stock, value | 0 | 0 |
| Series B Preferred Stock, Non Voting [Member] | ' | ' |
| Equity: | ' | ' |
| Preferred stock, value | $0 | $0 |
Condensed_Consolidated_Balance1
| Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 |
| Common stock, shares authorized | 100,000,000 | 100,000,000 |
| Common stock, shares issued | 13,732,232 | 13,678,704 |
| Common stock, shares outstanding | 13,732,232 | 13,678,704 |
| Series A Preferred Stock [Member] | ' | ' |
| Preferred stock par, value (in dollars per share) | $0.00 | $0.00 |
| Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Series B Preferred Stock, Non Voting [Member] | ' | ' |
| Preferred stock par, value (in dollars per share) | $0.00 | $0.00 |
| Preferred stock, shares authorized | 6,500,000 | 6,500,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
Condensed_Consolidated_Stateme
| Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
| In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
| Revenues: | ' | ' | ' | ' |
| Rental income | $7,953 | $7,232 | $15,770 | $14,069 |
| Tenant reimbursements | 1,502 | 1,272 | 2,959 | 2,481 |
| Total revenues | 9,455 | 8,504 | 18,729 | 16,550 |
| Expenses: | ' | ' | ' | ' |
| Property operating expenses | 1,644 | 1,907 | 3,889 | 3,660 |
| General and administrative | 1,605 | 1,637 | 3,909 | 3,288 |
| Depreciation and amortization | 2,358 | 2,532 | 4,620 | 4,791 |
| Total expenses | 5,607 | 6,076 | 12,418 | 11,739 |
| Operating income | 3,848 | 2,428 | 6,311 | 4,811 |
| Interest expense | -2,355 | -2,252 | -4,501 | -4,112 |
| Acquisition costs | -313 | -206 | -583 | -5,258 |
| Other | 81 | 1,128 | 73 | 878 |
| Income (loss) from continuing operations | 1,261 | 1,098 | 1,300 | -3,681 |
| Discontinued Operations: | ' | ' | ' | ' |
| Loss from discontinued operations, including loss on disposal of $1,963 for the three and six months ended June 30, 2013 | -59 | -2,570 | -51 | -3,808 |
| Net income (loss) | 1,202 | -1,472 | 1,249 | -7,489 |
| Net income attributable to noncontrolling interest | 394 | 89 | 399 | 482 |
| Net income (loss) attributable to common stockholders | $808 | ($1,561) | $850 | ($7,971) |
| Income (loss) per common share attributable to common stockholders - basic and diluted: | ' | ' | ' | ' |
| Income (loss) from continuing operations, net of noncontrolling interest | $0.06 | $0.08 | $0.06 | ($0.30) |
| Income (loss) from discontinued operations | $0 | ($0.19) | $0 | ($0.28) |
| Net income (loss) attributable to common stockholders | $0.06 | ($0.11) | $0.06 | ($0.58) |
| Weighted average common shares outstanding - basic and diluted | 13,693,131 | 13,671,902 | 13,685,958 | 13,657,060 |
Condensed_Consolidated_Stateme1
| Condensed Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended |
| In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
| Income Statement [Abstract] | ' | ' |
| Loss on disposal | $1,963 | $1,963 |
Condensed_Consolidated_Stateme2
| Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
| In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
| Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
| Net income (loss): | $1,202 | ($1,472) | $1,249 | ($7,489) |
| Available-for-sale securities: | ' | ' | ' | ' |
| Net change in unrealized gains | ' | 54 | ' | 92 |
| Comprehensive income (loss) | 1,202 | -1,418 | 1,249 | -7,397 |
| Less: Net income attributable to noncontrolling interest | 394 | 89 | 399 | 482 |
| Comprehensive income (loss) attributable to common stockholders | $808 | ($1,507) | $850 | ($7,879) |
Condensed_Consolidated_Stateme3
| Condensed Consolidated Statement of Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional-Paid-In-Capital [Member] | Distributions in Excess of Net Income [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interest [Member] |
| In Thousands, except Share data | |||||||
| Beginning Balance at Dec. 31, 2013 | $134,436 | $0 | $1 | $138,516 | ($80,641) | $57,876 | $76,560 |
| Beginning Balance (in shares) at Dec. 31, 2013 | ' | ' | 13,678,704 | ' | ' | ' | ' |
| Common stock dividends | -2,462 | ' | ' | ' | -2,462 | -2,462 | ' |
| Stock-based compensation | 194 | ' | ' | 194 | ' | 194 | ' |
| Net issuance of restricted shares | ' | ' | 53,528 | ' | ' | ' | ' |
| Distributions to noncontrolling interest | -1,229 | ' | ' | ' | ' | ' | -1,229 |
| Net income | 1,249 | ' | ' | ' | 850 | 850 | 399 |
| Ending Balance at Jun. 30, 2014 | $132,188 | ' | $1 | $138,710 | ($82,253) | $56,458 | $75,730 |
| Ending Balance (in shares) at Jun. 30, 2014 | ' | ' | 13,732,232 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
| Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
| In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
| Net income (loss) | $1,249 | ($7,489) |
| Loss from discontinued operations, including loss on disposal of $1,963 for the six months ended June 30, 2013 | 51 | 3,808 |
| Net income (loss) from continuing operations | 1,300 | -3,681 |
| Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities | ' | ' |
| Depreciation | 2,810 | 2,495 |
| Amortization of intangible assets and deferred charges | 1,229 | 2,587 |
| Stock-based compensation | 194 | 318 |
| Changes in operating assets and liabilities: | ' | ' |
| Rental income in excess of amount billed | -1,013 | -1,628 |
| Other assets | -2,064 | -377 |
| Accounts payable and accrued expenses | -107 | 1,606 |
| Other liabilities | -1,109 | -409 |
| Net cash provided by operating activities | 1,240 | 911 |
| Cash flow from investing activities: | ' | ' |
| Cash paid for property acquisitions | -8,539 | -1,316 |
| Cash paid for property improvements | -882 | ' |
| Purchase of marketable securities | ' | -2 |
| Proceeds from sale of marketable securities | ' | 23 |
| Net cash (used in) investing activities | -9,421 | -1,295 |
| Cash flow from financing activities: | ' | ' |
| Repayment of revolving credit facility | ' | -5,000 |
| Proceeds from mortgage notes payable | ' | 16,775 |
| Payment of mortgage principal | -330 | -489 |
| Cash distributions to noncontrolling interests | -1,229 | -2,040 |
| Cash dividends paid | -2,462 | -3,462 |
| Proceeds from revolving credit facility | 10,398 | ' |
| Repurchases of common stock | ' | -115 |
| Net cash provided by financing activities | 6,377 | 5,669 |
| Cash flow from discontinued operations: | ' | ' |
| Operating activities | 6 | -1,966 |
| Net (decrease) increase in cash and cash equivalents | -1,798 | 3,319 |
| Cash and cash equivalents at the beginning of period | 6,323 | 3,349 |
| Cash and cash equivalents at the end of period | 4,525 | 6,668 |
| Supplemental cash flow information: | ' | ' |
| Cash paid for interest | 4,409 | 4,580 |
| Cash paid for income taxes | ' | 1 |
| Reconciliation of cash paid for acquisition: | ' | ' |
| Acquisition of real estate | 17,539 | 197,990 |
| Assumption of mortgage notes payable | -9,000 | -118,485 |
| Issuance of UPREIT limited partnership interests | ' | -79,505 |
| Acquisition of other assets and liabilities | ' | 911 |
| Net cash paid for acquisition | $8,539 | $911 |
Condensed_Consolidated_Stateme5
| Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended |
| In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
| Statement Of Cash Flows [Abstract] | ' | ' |
| Loss on disposal | $1,963 | $1,963 |
Organization_and_Description_o
| Organization and Description of Business | 6 Months Ended |
| Jun. 30, 2014 | |
| Accounting Policies [Abstract] | ' |
| Organization and Description of Business | ' |
| 1. ORGANIZATION AND DESCRIPTION OF BUSINESS: | |
| GTJ REIT, Inc. (the “Company” or “GTJ REIT”) was incorporated on June 23, 2006 under Maryland General Corporation Law. The Company is focused on the acquisition, ownership, management, and operation of commercial real estate located in the New York tri-state area. | |
| The Company elected to be treated as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended and elected December 31st as its fiscal year end. Under the REIT operating structure, the Company is permitted to deduct the dividends paid to its stockholders when determining its taxable income. Assuming dividends equal or exceed the Company’s taxable income, the Company generally will not be required to pay Federal corporate income taxes on such income. | |
| On January 17, 2013, the Company closed on a transaction with Wu/Lighthouse Portfolio, LLC, in which a limited partnership (the “UPREIT”) owned and controlled by the Company, acquired all outstanding ownership interests of a portfolio consisting of 25 commercial properties (the “Acquired Properties”) located in New York, New Jersey and Connecticut, in exchange for 33.29% of the outstanding limited partnership interests in the UPREIT; the owner of all 32 properties. The acquisition was recorded as a business combination and accordingly the purchase price was allocated to the assets acquired and liabilities assumed at fair value. At June 30, 2014, subject to certain anti-dilutive and other provisions contained in the governing agreements, the limited partnership interests in the UPREIT may be convertible in the aggregate, into approximately 1.8 million shares of the Company’s common stock and approximately 5.0 million shares of Series B preferred stock. | |
| As of June 30, 2014, the UPREIT owned 35 properties consisting of approximately 3.2 million square feet of office and industrial properties on 243 acres of land in New York, New Jersey, and Connecticut. | |
| Prior to 2013, the Company operated a group of outdoor maintenance, shelter cleaning, and electrical contracting businesses, as well as a parking garage facility. During 2011, the Board voted to divest these operations which were sold in 2012 and 2013. Accordingly, the operations of these entities, including any impact of insurance claims associated with those entities, are reported as discontinued operations in the condensed consolidated statements of operations. |
Summary_of_Significant_Account
| Summary of Significant Accounting Policies | 6 Months Ended | ||||||||
| Jun. 30, 2014 | |||||||||
| Accounting Policies [Abstract] | ' | ||||||||
| Summary of Significant Accounting Policies | ' | ||||||||
| 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |||||||||
| Basis of Presentation: | |||||||||
| The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company, its wholly owned subsidiaries, and the UPREIT, as the Company makes all operating and financial decisions for (i.e., exercises control over) the UPREIT. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the UPREIT are presented as noncontrolling interests. | |||||||||
| The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The Company’s management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In Management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with the Company’s December 31, 2013 audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 21, 2014, and other public information. | |||||||||
| Certain reclassifications of prior period amounts, including the presentation of the Consolidated Statement of Comprehensive (Loss) Income required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205 - “Presentation of Financial Statements,” have been made in the financial statements in order to conform to the 2014 presentation. | |||||||||
| During June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
| During May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. | |||||||||
| Use of Estimates: | |||||||||
| The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these condensed consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may result in impairments of certain assets. Significant estimates include the useful lives of long lived assets including property, equipment and intangible assets, impairment of assets, collectability of receivables, contingencies, and stock-based compensation. | |||||||||
| Real Estate: | |||||||||
| Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations, and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs, and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. | |||||||||
| Upon the acquisition of real estate properties, the fair values of the real estate purchased are allocated to the acquired tangible assets (generally consisting of land, buildings, and building improvements) and identified intangible assets and liabilities (generally consisting of above-market and below-market leases and the origination value of in-place leases) in accordance with GAAP. The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant.” In allocating purchase price to identified intangible assets and liabilities of an acquired property, the values of above-market and below-market leases are estimated based on the differences between (i) contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants and (ii) the estimated cost of acquiring such leases giving effect to the Company’s history of providing tenant improvements and paying leasing commissions, offset by a vacancy period during which such space would be leased. The aggregate value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property “as-if-vacant,” determined as set forth above. | |||||||||
| Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. Acquisition related costs are expensed as incurred. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in place leases are amortized over the remaining term of the respective leases. If a tenant terminates its lease prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above and below market leases was a net increase of approximately $0.2 million for the six months ended June 30, 2014. | |||||||||
| As of June 30, 2014, approximately $3.0 million and $12.4 million (net of accumulated amortization) relating to above market and in place leases, respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheet. Approximately $8.4 million (net of accumulated amortization) relating to below market leases is included in acquired lease intangible liabilities, net in the accompanying condensed consolidated balance sheet. | |||||||||
| The following table presents the projected impact for the remainder of 2014, the next five years and thereafter related to the increase to rental revenue from the amortization of the acquired above market and below market lease intangibles and the increase to amortization expense of the in place lease intangibles for properties owned at June 30, 2014 (in thousands): | |||||||||
| Net increase to rental | Increase to | ||||||||
| revenues | amortization | ||||||||
| expense | |||||||||
| Remainder of 2014 | $ | 163 | $ | 1,249 | |||||
| 2015 | 381 | 2,251 | |||||||
| 2016 | 573 | 1,638 | |||||||
| 2017 | 466 | 1,080 | |||||||
| 2018 | 488 | 1,044 | |||||||
| 2019 | 564 | 875 | |||||||
| Thereafter | 2,724 | 4,284 | |||||||
| $ | 5,359 | $ | 12,421 | ||||||
| Depreciation and Amortization: | |||||||||
| The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years. Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years. Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives. | |||||||||
| Asset Impairment: | |||||||||
| Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability is based on an estimate of the undiscounted future cash flows that are expected to result from the real estate investment’s use and eventual disposition. Such cash flow analyses consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Management is required to make subjective assessments as to whether there are impairments in the value of its real estate holdings. Management has determined that there were no indicators of impairment relating to its long-lived assets at June 30, 2014. | |||||||||
| Deferred Charges: | |||||||||
| Deferred charges consist principally of leasing commissions, which are amortized ratably over the life of the related tenant leases, and financing costs, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets. | |||||||||
| Reportable Segments: | |||||||||
| The Company operates in one reportable segment, commercial real estate. | |||||||||
| Revenue Recognition: | |||||||||
| Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific tenant is collectible, management reviews billed and unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some of the leases provide for increases based on the consumer price index. | |||||||||
| Substantially all of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay for their pro rata share of real estate taxes, insurance, and ordinary maintenance and repairs. | |||||||||
| Property operating expense recoveries from tenants of common area maintenance, real estate, and other recoverable costs are recognized as revenues in the period that the related expenses are incurred. | |||||||||
| Earnings Per Share Information: | |||||||||
| The Company presents both basic and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Restricted stock was included in the computation of diluted earnings per share and stock option awards were excluded from the computation of diluted earnings per share because the option awards would have been antidilutive for the periods presented. | |||||||||
| Cash and Cash Equivalents: | |||||||||
| The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. | |||||||||
| Restricted Cash: | |||||||||
| Restricted cash represents reserves used to pay real estate taxes, insurance, and tenant improvements. At June 30, 2014 and December 31, 2013, the Company had restricted cash in the amount of $1.0 million and $1.3 million, respectively, which was included in other assets on the condensed consolidated balance sheets. | |||||||||
| Fair Value Measurement: | |||||||||
| The Company determines fair value in accordance with ASC Topic 820 “Fair Value Measurement” for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. | |||||||||
| Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | |||||||||
| Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter. | |||||||||
| Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. | |||||||||
| Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||
| Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | |||||||||
| Income Taxes: | |||||||||
| The Company is organized and conducts its operations to qualify as a REIT for Federal income tax purposes. Accordingly, the Company is generally not subject to Federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its REIT taxable income to its stockholders and complies with certain other requirements as defined. | |||||||||
| The Company also participates in certain activities conducted by entities which elected to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal, state, and local taxes on the income from these activities. | |||||||||
| The Company accounts for income taxes under the asset and liability method as required by the provisions of ASC 740-10-30. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. | |||||||||
| ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2014 and December 31, 2013, the Company had determined that no liabilities are required in connection with unrecognized tax positions. | |||||||||
| Concentrations of Credit Risk: | |||||||||
| Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. | |||||||||
| Stock-Based Compensation: | |||||||||
| The Company has a stock-based compensation plan, which is described below in Note 7. The Company accounts for stock-based compensation in accordance with ASC 718-30-30, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. | |||||||||
| New Accounting Pronouncements | |||||||||
| During June 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
| During May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transaction methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. | |||||||||
| In April 2014, the FASB issued 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations should be presented as discontinued operations. This accounting standard update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The impact of the adoption of ASU 2014-08 on the Company’s results of operations, financial position, cash flows and disclosures will be based on the Company’s future disposal activity. | |||||||||
Real_Estate
| Real Estate | 6 Months Ended |
| Jun. 30, 2014 | |
| Real Estate [Abstract] | ' |
| Real Estate | ' |
| 3. REAL ESTATE: | |
| On April 9, 2014, the Company acquired a 226,000 square foot building located on 15.1 acres of land in Windsor Locks, CT for $14.2 million, subject to the assumption of a $9 million mortgage that bears interest at 6.07%. A principal payment of $3 million is due in March 2017, with the balance of the loan maturing in March 2020. The distribution facility is triple net leased to Ford Motor Company. | |
| On April 23, 2014, the Company acquired a 75,000 square foot industrial building located on 7.8 acres of land in Parsippany, NJ for $3.3 million. The equity was financed from the revolving credit line facility. | |
| The identifiable assets and liabilities associated with the Windsor Locks and Parsippany properties, are based upon management’s best available information at the time of the preparation of the financial statements. However, the business acquisition accounting for these properties are not complete and accordingly, such estimates of the value of acquired assets and liabilities are provisional until the valuations are finalized. Therefore, the provisional measurements of fair value reflected are subject to change and such changes could be significant. The Company expects to finalize the valuations and complete the purchase price allocations as soon as practical, but no later than one year from the acquisition dates. | |
| On July 2, 2014, the Company acquired an 84,000 square foot parking lot in Long Island City, Queens, NY for $28.5 million that is leased to FedEx Ground. The acquisition was financed, in part, by means of a $13 million bridge loan with Capital One and the equity financed from the revolving credit facility. Permanent financing of $15.5 million is expected to close in August 2014 with People’s United Bank to replace the bridge loan. | |
| As disclosed in Note 1, effective January 17, 2013, the Company, through the UPREIT, acquired from Wu/Lighthouse Portfolio, LLC all of the outstanding ownership interests in 25 commercial properties located in New York, New Jersey and Connecticut in exchange for 33.29% of the outstanding limited partnership interests in the UPREIT. The Acquired Properties had a gross asset value of approximately $198 million, subject to approximately $118.0 million in aggregate outstanding mortgage indebtedness, which was assumed by the UPREIT. In addition, the Company acquired other assets and assumed certain liabilities in connection with the transaction. Paul Cooper, the Company’s Chairman and Chief Executive Officer was a 6% owner and principal of Wu/Lighthouse Portfolio, Louis Sheinker, the Company’s President and Chief Operating Officer and a director was a 6.666% owner and principal of Wu/Lighthouse Portfolio, and Jerome Cooper the Company’s Chairman Emeritus owned a .666% interest. |
Discontinued_Operations
| Discontinued Operations | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
| Discontinued Operations | ' | ||||||||||||||||
| 4. DISCONTINUED OPERATIONS: | |||||||||||||||||
| On May 2, 2013, Shelter Express Corp., a wholly owned subsidiary of the Company, completed the sale of all of the issued and outstanding shares of capital stock of Shelter Electric Maintenance Corp. (“SEM”). | |||||||||||||||||
| The following table sets forth the detail of the Company’s (loss) from discontinued operations for the three and six months ended June 30, 2014 and 2013, respectively (in thousands): | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||
| Revenues from discontinued operations | $ | — | $ | 322 | $ | — | $ | 1,486 | |||||||||
| Loss from discontinued operations including a loss on disposal of $1,963 for the three months and six months ended June 30, 2013 | $ | (59) | $ | (2,570) | $ | (51) | $ | (3,808) | |||||||||
| The carrying amounts of the major classes of assets and liabilities of the Company’s discontinued operations are as follows (in thousands): | |||||||||||||||||
| June 30, | December 31, | ||||||||||||||||
| 2014 | 2013 | ||||||||||||||||
| Assets: | |||||||||||||||||
| Cash | $ | 201 | $ | 265 | |||||||||||||
| Accounts receivable, net | 2 | 55 | |||||||||||||||
| Other assets | — | 141 | |||||||||||||||
| $ | 203 | $ | 461 | ||||||||||||||
| Liabilities: | |||||||||||||||||
| Accounts payable and accrued expenses | $ | 46 | $ | 42 | |||||||||||||
| Insurance reserve | 860 | 955 | |||||||||||||||
| Pension withdrawal liability | 1,349 | 1,379 | |||||||||||||||
| Other liabilities | 25 | 105 | |||||||||||||||
| $ | 2,280 | $ | 2,481 | ||||||||||||||
Mortgage_Notes_Payable
| Mortgage Notes Payable | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Debt Disclosure [Abstract] | ' | ||||||||||||||||
| Mortgage Notes Payable | ' | ||||||||||||||||
| 5. MORTGAGE NOTES PAYABLE: | |||||||||||||||||
| The following table sets forth a summary of the Company’s mortgage notes payable (in thousands): | |||||||||||||||||
| Loan | Interest Rate | Principal | Principal | Maturity | |||||||||||||
| Outstanding as of | Outstanding as of | ||||||||||||||||
| 30-Jun-14 | December 31, 2013 | ||||||||||||||||
| Hartford Life Insurance Company | 5.05 | % | $ | 45,500 | $ | 45,500 | 7/1/17 | ||||||||||
| Athene Annuity & Life Company | 3 | % | 15,000 | 15,000 | 3/1/18 | ||||||||||||
| John Hancock Life Insurance Company | 6.17 | % | 62,501 | 63,094 | 3/1/18 | ||||||||||||
| Genworth Life Insurance Company | 3.2 | % | 29,436 | 29,500 | 4/30/18 | ||||||||||||
| People’s United Bank | 5.23 | % | 2,490 | 2,517 | 10/1/20 | ||||||||||||
| United States Life Insurance Company | 5.76 | % | 23,018 | 23,319 | 4/1/18 | ||||||||||||
| Hartford Accident & Indemnity Company | 6.07 | % | 9,284 | — | 3/1/20 | ||||||||||||
| $ | 187,229 | $ | 178,930 | ||||||||||||||
| The mortgage notes payable are collateralized by certain of the properties and require monthly interest payments until maturity and are generally non-recourse. Some of the loans also require amortization of principal. Scheduled principal repayments for the remainder of 2014, the next five years and thereafter are as follows (in thousands): | |||||||||||||||||
| Remainder of 2014 | $ | 1,051 | |||||||||||||||
| 2015 | 2,183 | ||||||||||||||||
| 2016 | 2,293 | ||||||||||||||||
| 2017 | 5,695 | ||||||||||||||||
| 2018 | 167,836 | ||||||||||||||||
| 2019 | 82 | ||||||||||||||||
| Thereafter | 8,089 | ||||||||||||||||
| Total | $ | 187,229 | |||||||||||||||
Secured_Revolving_Credit_Facil
| Secured Revolving Credit Facility | 6 Months Ended |
| Jun. 30, 2014 | |
| Text Block [Abstract] | ' |
| Secured Revolving Credit Facility | ' |
| 6. SECURED REVOLVING CREDIT FACILITY: | |
| On April 8, 2014, the Company obtained a $45 million Line of Credit with Capital One, N.A. The revolving credit facility is secured by negative pledges on four properties and is available for the acquisition of real estate, property improvements and general working capital purposes. The facility matures on April 8, 2016, subject to a one year extension option and bears interest using, as defined, (i) LIBOR plus a margin of 200 basis points to 335 basis points depending upon the Company’s leverage ratio, as defined, or (ii) base rate plus an applicable margin, depending upon the Company’s leverage ratio, as defined, with no amortization. The principal amount of the line of credit facility and all interest, fees, and other amounts owing under the line of credit are guaranteed by the Company and the UPREIT. As of June 30, 2014 the outstanding balance of the credit facility was $10.4 million. |
Stockholders_Equity
| Stockholders' Equity | 6 Months Ended | ||||||||
| Jun. 30, 2014 | |||||||||
| Equity [Abstract] | ' | ||||||||
| Stockholders' Equity | ' | ||||||||
| 7. STOCKHOLDERS’ EQUITY: | |||||||||
| Common Stock: | |||||||||
| The Company is authorized to issue 100,000,000 shares of common stock, $.0001 par value per share. As of June 30, 2014, the Company has a total of 13,732,232 shares issued and outstanding. | |||||||||
| Preferred Stock: | |||||||||
| The Company is authorized to issue 10,000,000 shares of Series A preferred stock, $.0001 par value per share. Voting and other rights and preferences as may be determined from time to time by the Board of Directors. In addition, the Company is authorized to issue 6,500,000 shares of Series B preferred stock, $.0001 par value per share. There are no voting rights associated with the Series B preferred stock. There was no preferred stock outstanding as of June 30, 2014 or December 31, 2013. | |||||||||
| Dividend Distributions: | |||||||||
| The following table presents dividends declared by the Company on its common stock during the six months ended June 30, 2014: | |||||||||
| Declaration Date | Record | Payment | Dividend | ||||||
| Date | Date | Per Share | |||||||
| March 20, 2014 | December 31, 2013 | April 15, 2014 | $ | 0.02 | -1 | ||||
| March 20, 2014 | March 31, 2014 | April 15, 2014 | $ | 0.08 | |||||
| June 19, 2014 | June 30, 2014 | July 15, 2014 | $ | 0.08 | |||||
| -1 | This represents a supplemental 2013 dividend. | ||||||||
| Stock Based Compensation: | |||||||||
| The Company has a 2007 Incentive Award Plan (the “Plan”) that has intended purposes to further the growth, development, and financial success of the Company and to obtain and retain the services of those individuals considered essential to the long-term success of the Company. The Plan may provide for awards in the form of restricted shares, incentive stock options, non-qualified stock options and stock appreciation rights. The aggregate number of shares of common stock which may be awarded under the Plan is 1,000,000 shares. As of June 30, 2014, the Company had 446,292 shares available for future issuance of awards under the Plan. | |||||||||
| On March 21, 2013, the Company issued an aggregate of 50,002 restricted shares of common stock, with a value of approximately $320,000, under the Plan. A total of 3,126 of these shares, with a value of approximately $20,000 ($6.40 per share), were granted to non-management members of the Board of Directors, and vested immediately. The remaining 46,876 shares, with a value of approximately $300,000 ($6.40 per share), were granted to certain executives of the Company, and vest ratably over a four year period. One fourth of the shares vested on the grant date and the remaining shares vest in equal installments on the next three anniversary dates of the grant. | |||||||||
| On June 6, 2013, the Company issued an aggregate of 9,378 restricted shares of common stock, with a value of approximately $60,000 ($6.40 per share), under the Plan. These shares were granted to non-management members of the Board of Directors and vested immediately. | |||||||||
| On June 4, 2014, 44,704 restricted shares of common stock, with a value of approximately $304,000 (based upon $6.80 per share as per the most recent independent third-party valuation) were granted to certain executives of the Company. One sixth of the shares vest immediately upon issuance and the remaining shares vest in equal installments on the next five anniversary dates of the grant. | |||||||||
| On June 19, 2014, the Company issued an aggregate of 8,824 restricted shares of common stock with a value of approximately $60,000 (based upon $6.80 per share as per the most recent independent third-party valuation) under the Plan to non-managing members of the Board of Directors. The shares vested immediately upon issuance. | |||||||||
| For the six months ended June 30, 2014 and 2013, the Company’s total stock compensation expense was approximately $194,000 and $318,000, respectively. As of June 30, 2014, there was approximately $331,000 of unamortized stock compensation related to restricted stock. | |||||||||
| The following is a summary of restricted stock activity: | |||||||||
| Shares | Weighted Average | ||||||||
| Grant Date Fair | |||||||||
| Value | |||||||||
| Non-vested shares outstanding as of December 31, 2013 | 24,632 | $ | 6.54 | ||||||
| New shares issued through June 30, 2014 | 53,528 | $ | 6.8 | ||||||
| Vested | (28,844 | ) | $ | 6.72 | |||||
| Non-vested shares outstanding as of June 30, 2014 | 49,316 | $ | 6.72 | ||||||
| The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of June 30, 2014: | |||||||||
| Non-vested Shares Vesting Schedule | Number of Shares | ||||||||
| 2014 (6 months) | 15,227 | ||||||||
| 2015 | 18,774 | ||||||||
| 2016 | 8,040 | ||||||||
| 2017 | 4,388 | ||||||||
| 2018 | 2,266 | ||||||||
| 2019 | 621 | ||||||||
| Total Non-vested Shares | 49,316 | ||||||||
Earnings_Loss_per_Share
| Earnings (Loss) per Share | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Earnings Per Share [Abstract] | ' | ||||||||||||||||
| Earnings (Loss) per Share | ' | ||||||||||||||||
| 8. EARNINGS (LOSS) PER SHARE: | |||||||||||||||||
| In accordance with ASC Topic 260 “Earnings Per Share,” basic earnings per common share (“Basic EPS”) is computed by dividing the net loss by the weighted-average number of common shares outstanding. Diluted earnings per common share (“Diluted EPS”) is computed by dividing net income (loss) by the weighted-average number of common shares and dilutive common share equivalents and convertible securities then outstanding. There were no common share equivalents for any of the periods presented in dilutive earnings per share. | |||||||||||||||||
| The following table sets forth the computation of basic and diluted earnings per share information for the three and six months ended June 30, 2014 and 2013 (in thousands, except share and per share data): | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||
| Numerator: | |||||||||||||||||
| Income (loss) from continuing operations, net of noncontrolling interest | $ | 867 | $ | 1,009 | $ | 901 | $ | (4,163) | |||||||||
| Loss from discontinued operations, including loss on disposal of $1,963 for the three and six months ended June 30, 2013 | (59) | (2,570) | (51) | (3,808) | |||||||||||||
| Net income (loss) attributable to common stockholders | $ | 808 | $ | (1,561) | $ | 850 | $ | (7,971) | |||||||||
| Denominator: | |||||||||||||||||
| Weighted average common shares outstanding – basic and diluted | 13,693,131 | 13,671,902 | 13,685,958 | 13,657,060 | |||||||||||||
| Basic and Diluted Per Share Information: | |||||||||||||||||
| Net income (loss) per share – basic and diluted | $ | 0.06 | $ | (0.11) | $ | 0.06 | $ | (0.58) | |||||||||
Related_Party_Transactions
| Related Party Transactions | 6 Months Ended |
| Jun. 30, 2014 | |
| Related Party Transactions [Abstract] | ' |
| Related Party Transactions | ' |
| 9. RELATED PARTY TRANSACTIONS: | |
| Douglas Cooper, an officer and director of the Company, is a partner of Ruskin, Moscou, Faltischek, P.C. (“RMF”), and RMF has acted as counsel to the Company. Fees paid to RMF for the six months ended June 30, 2014 and 2013 were negligible and $0.1 million, respectively, representing fees and expenses for various divestitures, the Wu/Lighthouse transaction, and general corporate matters. | |
| Paul Cooper is the Chief Executive Officer and Chairman of the Company. Louis Sheinker is President, Chief Operating Officer and a director of the Company. The Company formerly was subject to a lease agreement with Lighthouse 444 Limited Partnership (“Lighthouse”), the owner of the building at 444 Merrick Road, Lynbrook, NY in which Paul Cooper and Louis Sheinker were managing members of the general partner. The lease was terminated on January 16, 2014 in exchange for a $150,000 termination fee paid by the Company. Additionally, Lighthouse Sixty, LP, owner of the building at 60 Hempstead Avenue, West Hempstead, NY, and of which Paul Cooper and Louis Sheinker are managing members of the general partner, have a lease agreement with the Company expiring in 2020 for office and storage space at a current annual base rent of approximately $234,000. | |
| On December 11, 2013, the Company and Jerome Cooper, Chairman Emeritus, entered into a separation agreement. The agreement provides for the payment to Mr. Cooper of an aggregate of $360,000; payable in three equal annual installments of $120,000, commencing January 1, 2014. | |
| On May 16, 2014, the Company and Joel Hammer, Chief Financial Officer, executed a Severance Agreement and General Release, which provides for certain severance payments to Mr. Hammer in the aggregate amount of $50,000. |
Commitments_and_Contingencies
| Commitments and Contingencies | 6 Months Ended |
| Jun. 30, 2014 | |
| Commitments And Contingencies Disclosure [Abstract] | ' |
| Commitments and Contingencies | ' |
| 10. COMMITMENTS AND CONTINGENCIES: | |
| Legal Matters: | |
| The Company is involved in lawsuits and other disputes which arise in the ordinary course of business; however, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations. | |
| Divestiture: | |
| The Company has a pension withdrawal liability relating to a previous divestiture. As of June 30, 2014 and December 31, 2013, the remaining liability was approximately $1.3 million and $1.4 million, respectively, and is included in liabilities of discontinued operations on the accompanying condensed consolidated balance sheets. The liability is payable in monthly installments of approximately $8,100, including interest, over a twenty-year term ending in 2032. |
Fair_Value
| Fair Value | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
| Fair Value | ' | ||||||||||||||||
| 11. FAIR VALUE: | |||||||||||||||||
| Fair Value of Financial Instruments: | |||||||||||||||||
| The fair value of the Company’s financial instruments are determined based upon applicable accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted process in active markets for identical assets or liabilities (Level 1), quoted process for similar instruments in active markets or quoted process for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). | |||||||||||||||||
| The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, available-for-sale securities and secured revolving credit facility approximated their carrying value because of the short-term nature based on Level 1 inputs. The fair values of mortgage notes payable and pension withdrawal liability are based on borrowing rates available to the Company, which are Level 2 inputs. The following table summarizes the carrying values and the estimated fair values of the financial instruments (in thousands): | |||||||||||||||||
| June 30, 2014 | December 31, 2013 | ||||||||||||||||
| Carrying | Estimated | Carrying | Estimated | ||||||||||||||
| Value | Value | Value | Value | ||||||||||||||
| Financial assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 4,525 | $ | 4,525 | $ | 6,323 | $ | 6,323 | |||||||||
| Accounts receivable | 822 | 822 | 772 | 772 | |||||||||||||
| Financial liabilities: | |||||||||||||||||
| Accounts payable and accrued expenses | $ | 1,834 | $ | 1,834 | $ | 1,941 | $ | 1,941 | |||||||||
| Revolving credit facility | 10,398 | 10,398 | — | — | |||||||||||||
| Mortgage notes payable | 187,229 | 187,190 | 178,930 | 180,664 | |||||||||||||
| Pension withdrawal liability | 1,349 | 1,297 | 1,379 | 1,249 | |||||||||||||
Summary_of_Significant_Account1
| Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||
| Jun. 30, 2014 | |||||||||
| Accounting Policies [Abstract] | ' | ||||||||
| Basis of Presentation | ' | ||||||||
| Basis of Presentation: | |||||||||
| The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company, its wholly owned subsidiaries, and the UPREIT, as the Company makes all operating and financial decisions for (i.e., exercises control over) the UPREIT. All material intercompany transactions have been eliminated. The ownership interests of the other investors in the UPREIT are presented as noncontrolling interests. | |||||||||
| The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The Company’s management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In Management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with the Company’s December 31, 2013 audited consolidated financial statements, as previously filed with the SEC on Form 10-K on March 21, 2014, and other public information. | |||||||||
| Certain reclassifications of prior period amounts, including the presentation of the Consolidated Statement of Comprehensive (Loss) Income required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205 - “Presentation of Financial Statements,” have been made in the financial statements in order to conform to the 2014 presentation. | |||||||||
| During June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
| During May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. | |||||||||
| Use of Estimates | ' | ||||||||
| Use of Estimates: | |||||||||
| The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these condensed consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may result in impairments of certain assets. Significant estimates include the useful lives of long lived assets including property, equipment and intangible assets, impairment of assets, collectability of receivables, contingencies, and stock-based compensation. | |||||||||
| Real Estate | ' | ||||||||
| Real Estate: | |||||||||
| Real estate assets are stated at cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations, and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs, and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. | |||||||||
| Upon the acquisition of real estate properties, the fair values of the real estate purchased are allocated to the acquired tangible assets (generally consisting of land, buildings, and building improvements) and identified intangible assets and liabilities (generally consisting of above-market and below-market leases and the origination value of in-place leases) in accordance with GAAP. The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant.” In allocating purchase price to identified intangible assets and liabilities of an acquired property, the values of above-market and below-market leases are estimated based on the differences between (i) contractual rentals and the estimated market rents over the applicable lease term discounted back to the date of acquisition utilizing a discount rate adjusted for the credit risk associated with the respective tenants and (ii) the estimated cost of acquiring such leases giving effect to the Company’s history of providing tenant improvements and paying leasing commissions, offset by a vacancy period during which such space would be leased. The aggregate value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property “as-if-vacant,” determined as set forth above. | |||||||||
| Mortgage notes payable assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the time of acquisitions. Acquisition related costs are expensed as incurred. The capitalized above-market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases and the capitalized below-market lease values are amortized as an increase to rental revenue over the remaining term of the respective leases. The value of in-place leases is based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during expected lease-up periods, current market conditions, and costs to execute similar leases. The values of in place leases are amortized over the remaining term of the respective leases. If a tenant terminates its lease prior to its contractual expiration date, any unamortized balance of the related intangible assets or liabilities is recorded as income or expense in the period. The total net impact to rental revenues due to the amortization of above and below market leases was a net increase of approximately $0.2 million for the six months ended June 30, 2014. | |||||||||
| As of June 30, 2014, approximately $3.0 million and $12.4 million (net of accumulated amortization) relating to above market and in place leases, respectively, are included in acquired lease intangible assets, net in the accompanying condensed consolidated balance sheet. Approximately $8.4 million (net of accumulated amortization) relating to below market leases is included in acquired lease intangible liabilities, net in the accompanying condensed consolidated balance sheet. | |||||||||
| The following table presents the projected impact for the remainder of 2014, the next five years and thereafter related to the increase to rental revenue from the amortization of the acquired above market and below market lease intangibles and the increase to amortization expense of the in place lease intangibles for properties owned at June 30, 2014 (in thousands): | |||||||||
| Net increase to rental | Increase to | ||||||||
| revenues | amortization | ||||||||
| expense | |||||||||
| Remainder of 2014 | $ | 163 | $ | 1,249 | |||||
| 2015 | 381 | 2,251 | |||||||
| 2016 | 573 | 1,638 | |||||||
| 2017 | 466 | 1,080 | |||||||
| 2018 | 488 | 1,044 | |||||||
| 2019 | 564 | 875 | |||||||
| Thereafter | 2,724 | 4,284 | |||||||
| $ | 5,359 | $ | 12,421 | ||||||
| Depreciation and Amortization | ' | ||||||||
| Depreciation and Amortization: | |||||||||
| The Company uses the straight-line method for depreciation and amortization. Properties and property improvements are depreciated over their estimated useful lives, which range from 5 to 40 years. Furniture, fixtures, and equipment are depreciated over estimated useful lives that range from 5 to 10 years. Tenant improvements are amortized over the shorter of the remaining non-cancellable term of the related leases or their useful lives. | |||||||||
| Asset Impairment | ' | ||||||||
| Asset Impairment: | |||||||||
| Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability is based on an estimate of the undiscounted future cash flows that are expected to result from the real estate investment’s use and eventual disposition. Such cash flow analyses consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Management is required to make subjective assessments as to whether there are impairments in the value of its real estate holdings. Management has determined that there were no indicators of impairment relating to its long-lived assets at June 30, 2014. | |||||||||
| Deferred Charges | ' | ||||||||
| Deferred Charges: | |||||||||
| Deferred charges consist principally of leasing commissions, which are amortized ratably over the life of the related tenant leases, and financing costs, which are amortized over the terms of the respective debt agreements. These deferred charges are included in other assets on the consolidated balance sheets. | |||||||||
| Reportable Segments | ' | ||||||||
| Reportable Segments: | |||||||||
| The Company operates in one reportable segment, commercial real estate. | |||||||||
| Revenue Recognition | ' | ||||||||
| Revenue Recognition: | |||||||||
| Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific tenant is collectible, management reviews billed and unbilled rent receivables on a quarterly basis and takes into consideration the tenant’s payment history and financial condition. Some of the leases provide for increases based on the consumer price index. | |||||||||
| Substantially all of the Company’s properties are subject to long-term net leases under which the tenant is typically responsible to pay for their pro rata share of real estate taxes, insurance, and ordinary maintenance and repairs. | |||||||||
| Property operating expense recoveries from tenants of common area maintenance, real estate, and other recoverable costs are recognized as revenues in the period that the related expenses are incurred. | |||||||||
| Earnings Per Share Information | ' | ||||||||
| Earnings Per Share Information: | |||||||||
| The Company presents both basic and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Restricted stock was included in the computation of diluted earnings per share and stock option awards were excluded from the computation of diluted earnings per share because the option awards would have been antidilutive for the periods presented. | |||||||||
| Cash and Cash Equivalents | ' | ||||||||
| Cash and Cash Equivalents: | |||||||||
| The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. | |||||||||
| Restricted Cash | ' | ||||||||
| Restricted Cash: | |||||||||
| Restricted cash represents reserves used to pay real estate taxes, insurance, and tenant improvements. At June 30, 2014 and December 31, 2013, the Company had restricted cash in the amount of $1.0 million and $1.3 million, respectively, which was included in other assets on the condensed consolidated balance sheets. | |||||||||
| Fair Value Measurement | ' | ||||||||
| Fair Value Measurement: | |||||||||
| The Company determines fair value in accordance with ASC Topic 820 “Fair Value Measurement” for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. | |||||||||
| Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | |||||||||
| Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter. | |||||||||
| Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. | |||||||||
| Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||
| Level 3 — Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | |||||||||
| Income Taxes | ' | ||||||||
| Income Taxes: | |||||||||
| The Company is organized and conducts its operations to qualify as a REIT for Federal income tax purposes. Accordingly, the Company is generally not subject to Federal income taxation on the portion of its distributable income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its REIT taxable income to its stockholders and complies with certain other requirements as defined. | |||||||||
| The Company also participates in certain activities conducted by entities which elected to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal, state, and local taxes on the income from these activities. | |||||||||
| The Company accounts for income taxes under the asset and liability method as required by the provisions of ASC 740-10-30. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. | |||||||||
| ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2014 and December 31, 2013, the Company had determined that no liabilities are required in connection with unrecognized tax positions. | |||||||||
| Concentrations of Credit Risk | ' | ||||||||
| Concentrations of Credit Risk: | |||||||||
| Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, which from time-to-time exceed the federal depository insurance coverage. Management believes that the Company is not exposed to any significant credit risk due to the credit worthiness of the financial institutions. | |||||||||
| Stock-Based Compensation | ' | ||||||||
| Stock-Based Compensation: | |||||||||
| The Company has a stock-based compensation plan, which is described below in Note 7. The Company accounts for stock-based compensation in accordance with ASC 718-30-30, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. | |||||||||
| New Accounting Pronouncements | ' | ||||||||
| New Accounting Pronouncements | |||||||||
| During June 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
| During May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transaction methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. | |||||||||
| In April 2014, the FASB issued 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in ASU 2014-08 change the criteria for reporting a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Only disposals representing a strategic shift in operations should be presented as discontinued operations. This accounting standard update is effective for annual filings beginning on or after December 15, 2014. Early adoption is permitted. The impact of the adoption of ASU 2014-08 on the Company’s results of operations, financial position, cash flows and disclosures will be based on the Company’s future disposal activity. | |||||||||
Summary_of_Significant_Account2
| Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||
| Jun. 30, 2014 | |||||||||
| Accounting Policies [Abstract] | ' | ||||||||
| Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles | ' | ||||||||
| The following table presents the projected impact for the remainder of 2014, the next five years and thereafter related to the increase to rental revenue from the amortization of the acquired above market and below market lease intangibles and the increase to amortization expense of the in place lease intangibles for properties owned at June 30, 2014 (in thousands): | |||||||||
| Net increase to rental | Increase to | ||||||||
| revenues | amortization | ||||||||
| expense | |||||||||
| Remainder of 2014 | $ | 163 | $ | 1,249 | |||||
| 2015 | 381 | 2,251 | |||||||
| 2016 | 573 | 1,638 | |||||||
| 2017 | 466 | 1,080 | |||||||
| 2018 | 488 | 1,044 | |||||||
| 2019 | 564 | 875 | |||||||
| Thereafter | 2,724 | 4,284 | |||||||
| $ | 5,359 | $ | 12,421 | ||||||
Discontinued_Operations_Tables
| Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
| Schedule of (Loss) from Discontinued Operations | ' | ||||||||||||||||
| The following table sets forth the detail of the Company’s (loss) from discontinued operations for the three and six months ended June 30, 2014 and 2013, respectively (in thousands): | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||
| Revenues from discontinued operations | $ | — | $ | 322 | $ | — | $ | 1,486 | |||||||||
| Loss from discontinued operations including a loss on disposal of $1,963 for the three months and six months ended June 30, 2013 | $ | (59) | $ | (2,570) | $ | (51) | $ | (3,808) | |||||||||
| Schedule of Carrying Amounts of Major Classes of Assets and Liabilities | ' | ||||||||||||||||
| The carrying amounts of the major classes of assets and liabilities of the Company’s discontinued operations are as follows (in thousands): | |||||||||||||||||
| June 30, | December 31, | ||||||||||||||||
| 2014 | 2013 | ||||||||||||||||
| Assets: | |||||||||||||||||
| Cash | $ | 201 | $ | 265 | |||||||||||||
| Accounts receivable, net | 2 | 55 | |||||||||||||||
| Other assets | — | 141 | |||||||||||||||
| $ | 203 | $ | 461 | ||||||||||||||
| Liabilities: | |||||||||||||||||
| Accounts payable and accrued expenses | $ | 46 | $ | 42 | |||||||||||||
| Insurance reserve | 860 | 955 | |||||||||||||||
| Pension withdrawal liability | 1,349 | 1,379 | |||||||||||||||
| Other liabilities | 25 | 105 | |||||||||||||||
| $ | 2,280 | $ | 2,481 | ||||||||||||||
Mortgage_Notes_Payable_Tables
| Mortgage Notes Payable (Tables) | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Debt Disclosure [Abstract] | ' | ||||||||||||||||
| Summary of Company's Mortgage Notes Payable | ' | ||||||||||||||||
| The following table sets forth a summary of the Company’s mortgage notes payable (in thousands): | |||||||||||||||||
| Loan | Interest Rate | Principal | Principal | Maturity | |||||||||||||
| Outstanding as of | Outstanding as of | ||||||||||||||||
| 30-Jun-14 | December 31, 2013 | ||||||||||||||||
| Hartford Life Insurance Company | 5.05 | % | $ | 45,500 | $ | 45,500 | 7/1/17 | ||||||||||
| Athene Annuity & Life Company | 3 | % | 15,000 | 15,000 | 3/1/18 | ||||||||||||
| John Hancock Life Insurance Company | 6.17 | % | 62,501 | 63,094 | 3/1/18 | ||||||||||||
| Genworth Life Insurance Company | 3.2 | % | 29,436 | 29,500 | 4/30/18 | ||||||||||||
| People’s United Bank | 5.23 | % | 2,490 | 2,517 | 10/1/20 | ||||||||||||
| United States Life Insurance Company | 5.76 | % | 23,018 | 23,319 | 4/1/18 | ||||||||||||
| Hartford Accident & Indemnity Company | 6.07 | % | 9,284 | — | 3/1/20 | ||||||||||||
| $ | 187,229 | $ | 178,930 | ||||||||||||||
| Schedule of Principal Repayments | ' | ||||||||||||||||
| Scheduled principal repayments for the remainder of 2014, the next five years and thereafter are as follows (in thousands): | |||||||||||||||||
| Remainder of 2014 | $ | 1,051 | |||||||||||||||
| 2015 | 2,183 | ||||||||||||||||
| 2016 | 2,293 | ||||||||||||||||
| 2017 | 5,695 | ||||||||||||||||
| 2018 | 167,836 | ||||||||||||||||
| 2019 | 82 | ||||||||||||||||
| Thereafter | 8,089 | ||||||||||||||||
| Total | $ | 187,229 | |||||||||||||||
Stockholders_Equity_Tables
| Stockholders' Equity (Tables) | 6 Months Ended | ||||||||
| Jun. 30, 2014 | |||||||||
| Equity [Abstract] | ' | ||||||||
| Schedule of Dividends Declared on Common Stock | ' | ||||||||
| The following table presents dividends declared by the Company on its common stock during the six months ended June 30, 2014: | |||||||||
| Declaration Date | Record | Payment | Dividend | ||||||
| Date | Date | Per Share | |||||||
| March 20, 2014 | December 31, 2013 | April 15, 2014 | $ | 0.02 | -1 | ||||
| March 20, 2014 | March 31, 2014 | April 15, 2014 | $ | 0.08 | |||||
| June 19, 2014 | June 30, 2014 | July 15, 2014 | $ | 0.08 | |||||
| -1 | This represents a supplemental 2013 dividend. | ||||||||
| Summary of Restricted Stock Activity | ' | ||||||||
| The following is a summary of restricted stock activity: | |||||||||
| Shares | Weighted Average | ||||||||
| Grant Date Fair | |||||||||
| Value | |||||||||
| Non-vested shares outstanding as of December 31, 2013 | 24,632 | $ | 6.54 | ||||||
| New shares issued through June 30, 2014 | 53,528 | $ | 6.8 | ||||||
| Vested | (28,844 | ) | $ | 6.72 | |||||
| Non-vested shares outstanding as of June 30, 2014 | 49,316 | $ | 6.72 | ||||||
| Vesting Schedule of Total Non-Vested Shares of Restricted Stock Outstanding | ' | ||||||||
| The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of June 30, 2014: | |||||||||
| Non-vested Shares Vesting Schedule | Number of Shares | ||||||||
| 2014 (6 months) | 15,227 | ||||||||
| 2015 | 18,774 | ||||||||
| 2016 | 8,040 | ||||||||
| 2017 | 4,388 | ||||||||
| 2018 | 2,266 | ||||||||
| 2019 | 621 | ||||||||
| Total Non-vested Shares | 49,316 | ||||||||
Earnings_Loss_per_Share_Tables
| Earnings (Loss) per Share (Tables) | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Earnings Per Share [Abstract] | ' | ||||||||||||||||
| Schedule of Computation of Basic and Diluted Earnings per Share Information | ' | ||||||||||||||||
| The following table sets forth the computation of basic and diluted earnings per share information for the three and six months ended June 30, 2014 and 2013 (in thousands, except share and per share data): | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||
| Numerator: | |||||||||||||||||
| Income (loss) from continuing operations, net of noncontrolling interest | $ | 867 | $ | 1,009 | $ | 901 | $ | (4,163) | |||||||||
| Loss from discontinued operations, including loss on disposal of $1,963 for the three and six months ended June 30, 2013 | (59) | (2,570) | (51) | (3,808) | |||||||||||||
| Net income (loss) attributable to common stockholders | $ | 808 | $ | (1,561) | $ | 850 | $ | (7,971) | |||||||||
| Denominator: | |||||||||||||||||
| Weighted average common shares outstanding – basic and diluted | 13,693,131 | 13,671,902 | 13,685,958 | 13,657,060 | |||||||||||||
| Basic and Diluted Per Share Information: | |||||||||||||||||
| Net income (loss) per share – basic and diluted | $ | 0.06 | $ | (0.11) | $ | 0.06 | $ | (0.58) | |||||||||
Fair_Value_Tables
| Fair Value (Tables) | 6 Months Ended | ||||||||||||||||
| Jun. 30, 2014 | |||||||||||||||||
| Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
| Schedule of Fair Value of Financial Assets and Liabilities | ' | ||||||||||||||||
| The following table summarizes the carrying values and the estimated fair values of the financial instruments (in thousands): | |||||||||||||||||
| June 30, 2014 | December 31, 2013 | ||||||||||||||||
| Carrying | Estimated | Carrying | Estimated | ||||||||||||||
| Value | Value | Value | Value | ||||||||||||||
| Financial assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 4,525 | $ | 4,525 | $ | 6,323 | $ | 6,323 | |||||||||
| Accounts receivable | 822 | 822 | 772 | 772 | |||||||||||||
| Financial liabilities: | |||||||||||||||||
| Accounts payable and accrued expenses | $ | 1,834 | $ | 1,834 | $ | 1,941 | $ | 1,941 | |||||||||
| Revolving credit facility | 10,398 | 10,398 | — | — | |||||||||||||
| Mortgage notes payable | 187,229 | 187,190 | 178,930 | 180,664 | |||||||||||||
| Pension withdrawal liability | 1,349 | 1,297 | 1,379 | 1,249 | |||||||||||||
Organization_and_Description_o1
| Organization and Description of Business - Additional Information (Detail) | 0 Months Ended | 6 Months Ended |
| In Millions, unless otherwise specified | Jan. 17, 2013 | Jun. 30, 2014 |
| sqft | ||
| Item | ||
| acre | ||
| Number of commercial properties acquired | 25 | ' |
| UPREIT [Member] | ' | ' |
| Ownership interest in partnership units (as a percent) | 33.29% | ' |
| Number of shares of common stock that can be issued on conversion of interest in limited partnership | ' | 1.8 |
| Number of properties owned | ' | 35 |
| Leasable area owned by the company (in square feet) | ' | 3,200,000 |
| Area of land in New York, New Jersey, and Connecticut (in acres) | ' | 243 |
| UPREIT [Member] | Series B Preferred Stock, Non Voting [Member] | ' | ' |
| Number of shares of preferred stock that can be issued on conversion of interest in limited partnership | ' | 5 |
Summary_of_Significant_Account3
| Summary of Significant Accounting Policies - Additional Information 1 (Detail) (USD $) | 6 Months Ended | |
| In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
| Segment | ||
| Accounting Policies [Abstract] | ' | ' |
| Net impact to rental revenues due to the amortization of above and below market leases | $0.20 | ' |
| Amortization to above market leases | 3 | ' |
| Amortization to below market leases | 12.4 | ' |
| Amortization of in place leases | 8.4 | ' |
| Number of reportable segments | 1 | ' |
| Restricted cash | 1 | 1.3 |
| Percentage of REIT taxable income to stockholders | 90.00% | ' |
| Unrecognized tax positions | $0 | $0 |
Summary_of_Significant_Account4
| Summary of Significant Accounting Policies - Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles (Detail) (USD $) | Jun. 30, 2014 |
| In Thousands, unless otherwise specified | |
| Net increase to rental revenues: | ' |
| Remainder of 2014 | $163 |
| 2015 | 381 |
| 2016 | 573 |
| 2017 | 466 |
| 2018 | 488 |
| 2019 | 564 |
| Thereafter | 2,724 |
| Net increase to rental revenues | 5,359 |
| Increase to amortization expense: | ' |
| Remainder of 2014 | 1,249 |
| 2015 | 2,251 |
| 2016 | 1,638 |
| 2017 | 1,080 |
| 2018 | 1,044 |
| 2019 | 875 |
| Thereafter | 4,284 |
| Increase to amortization expense | $12,421 |
Summary_of_Significant_Account5
| Summary of Significant Accounting Policies - Additional Information 2 (Detail) | 6 Months Ended |
| Jun. 30, 2014 | |
| Property, Plant and Equipment [Line Items] | ' |
| Likelihood percentage of recognition of tax benefit upon settlement | 50.00% |
| Minimum [Member] | Properties and Property Improvements [Member] | ' |
| Property, Plant and Equipment [Line Items] | ' |
| Useful life | '5 years |
| Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ' |
| Property, Plant and Equipment [Line Items] | ' |
| Useful life | '5 years |
| Maximum [Member] | Properties and Property Improvements [Member] | ' |
| Property, Plant and Equipment [Line Items] | ' |
| Useful life | '40 years |
| Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ' |
| Property, Plant and Equipment [Line Items] | ' |
| Useful life | '10 years |
Real_Estate_Additional_Informa
| Real Estate - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Jun. 30, 2014 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Apr. 09, 2014 | Jun. 30, 2014 | Apr. 09, 2014 | Apr. 23, 2014 | Jun. 30, 2014 | Apr. 23, 2014 | Jul. 02, 2014 | Jun. 30, 2014 |
| Item | UPREIT [Member] | UPREIT [Member] | Paul Cooper [Member] | Principal of Wu/Lighthouse Portfolio, Louis Sheinker [Member] | Principal of Wu/Lighthouse Portfolio and Jerome Cooper [Member] | Windsor Locks, CT [Member] | Windsor Locks, CT [Member] | Windsor Locks, CT [Member] | Parsippany, NJ [Member] | Parsippany, NJ [Member] | Parsippany, NJ [Member] | Long Island City, Queens, NY [Member] | Long Island City, Queens, NY [Member] | |||
| acre | sqft | sqft | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||
| sqft | acre | acre | sqft | |||||||||||||
| Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Apr-14 | ' | ' | 23-Apr-14 | ' | ' | 2-Jul-14 |
| Building acquired (in square feet) | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | 226,000 | ' | ' | 75,000 | 84,000 | ' |
| Area of land (in acres) | ' | ' | ' | ' | 243 | ' | ' | ' | ' | ' | 15.1 | ' | ' | 7.8 | ' | ' |
| Payments to acquire real estate | ' | ' | ' | ' | ' | ' | ' | ' | $14,200,000 | ' | ' | $3,300,000 | ' | ' | $28,500,000 | ' |
| Business acquisition, assumed mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' |
| Mortgage, bears interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 6.07% | ' | ' | ' | ' | ' | ' | ' |
| Mortgage, principal payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' |
| Mortgage, initial maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-17 | ' | ' | ' | ' | ' | ' |
| Mortgage, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-20 | ' | ' | ' | ' | ' | ' |
| Bridge loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | ' |
| Permanent financing | 187,229,000 | 178,930,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,500,000 | ' |
| Number of commercial properties acquired | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Total real estate, at cost | ' | ' | 198,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Outstanding mortgage indebtedness | ' | ' | $118,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Ownership interest (as a percent) | ' | ' | ' | ' | ' | 6.00% | 6.67% | 0.67% | ' | ' | ' | ' | ' | ' | ' | ' |
| Ownership interest in partnership units (as a percent) | ' | ' | ' | 33.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Schedu
| Discontinued Operations - Schedule of (Loss) from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
| In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
| Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
| Revenues from discontinued operations | ' | $322 | ' | $1,486 |
| Loss from discontinued operations, including loss on disposal of $1,963 for the three and six months ended June 30, 2013 | ($59) | ($2,570) | ($51) | ($3,808) |
Discontinued_Operations_Schedu1
| Discontinued Operations - Schedule of (Loss) from Discontinued Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
| In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
| Discontinued Operations And Disposal Groups [Abstract] | ' | ' |
| Loss on disposal | $1,963 | $1,963 |
Discontinued_Operations_Schedu2
| Discontinued Operations - Schedule of Carrying Amounts of Major Classes of Assets and Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
| In Thousands, unless otherwise specified | ||
| Assets: | ' | ' |
| Cash | $201 | $265 |
| Accounts receivable, net | 2 | 55 |
| Other assets | ' | 141 |
| Assets | 203 | 461 |
| Liabilities: | ' | ' |
| Accounts payable and accrued expenses | 46 | 42 |
| Insurance reserve | 860 | 955 |
| Pension withdrawal liability | 1,349 | 1,379 |
| Other liabilities | 25 | 105 |
| Liabilities | $2,280 | $2,481 |
Mortgage_Notes_Payable_Summary
| Mortgage Notes Payable - Summary of Company's Mortgage Notes Payable (Detail) (USD $) | 6 Months Ended | |
| In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
| Mortgage Loans on Real Estate [Line Items] | ' | ' |
| Principal Outstanding | $187,229 | $178,930 |
| Hartford Life Insurance Company [Member] | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' |
| Interest Rate | 5.05% | ' |
| Principal Outstanding | 45,500 | 45,500 |
| Maturity | 1-Jul-17 | ' |
| Athene Annuity and Life Company [Member] | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' |
| Interest Rate | 3.00% | ' |
| Principal Outstanding | 15,000 | 15,000 |
| Maturity | 1-Mar-18 | ' |
| John Hancock Life Insurance Company [Member] | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' |
| Interest Rate | 6.17% | ' |
| Principal Outstanding | 62,501 | 63,094 |
| Maturity | 1-Mar-18 | ' |
| Genworth Life Insurance Company [Member] | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' |
| Interest Rate | 3.20% | ' |
| Principal Outstanding | 29,436 | 29,500 |
| Maturity | 30-Apr-18 | ' |
| People's United Bank [Member] | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' |
| Interest Rate | 5.23% | ' |
| Principal Outstanding | 2,490 | 2,517 |
| Maturity | 1-Oct-20 | ' |
| United States Life Insurance Company [Member] | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' |
| Interest Rate | 5.76% | ' |
| Principal Outstanding | 23,018 | 23,319 |
| Maturity | 1-Apr-18 | ' |
| Hartford Accident and Indemnity Company [Member] | ' | ' |
| Mortgage Loans on Real Estate [Line Items] | ' | ' |
| Interest Rate | 6.07% | ' |
| Principal Outstanding | $9,284 | ' |
| Maturity | 1-Mar-20 | ' |
Mortgage_Notes_Payable_Schedul
| Mortgage Notes Payable - Schedule of Principal Repayments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
| In Thousands, unless otherwise specified | ||
| Debt Disclosure [Abstract] | ' | ' |
| Remainder of 2014 | $1,051 | ' |
| 2015 | 2,183 | ' |
| 2016 | 2,293 | ' |
| 2017 | 5,695 | ' |
| 2018 | 167,836 | ' |
| 2019 | 82 | ' |
| Thereafter | 8,089 | ' |
| Total | $187,229 | $178,930 |
Secured_Revolving_Credit_Facil1
| Secured Revolving Credit Facility - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 08, 2014 | Apr. 08, 2014 |
| In Thousands, unless otherwise specified | Capital One, N.A. [Member] | Capital One, N.A. [Member] | Line of Credit facility [Member] | |
| Property | Capital One, N.A. [Member] | |||
| Secured Revolving Credit Facility [Line Items] | ' | ' | ' | ' |
| Credit facility, outstanding | $10,398 | ' | $45,000 | ' |
| Line of Credit facility, Agreement date | ' | 8-Apr-14 | ' | ' |
| Number of properties secured by revolving credit facility | ' | ' | 4 | ' |
| Line of Credit facility, maturity date | ' | 8-Apr-16 | ' | ' |
| Line of Credit facility extended maturity period | ' | '1 year | ' | ' |
| Applicable margin range on credit facility, minimum | ' | ' | ' | 2.00% |
| Applicable margin range on credit facility, maximum | ' | ' | ' | 3.35% |
| Line of Credit facility description | ' | 'The facility matures on April 8, 2016, subject to a one year extension option and bears interest using, as defined, (i) LIBOR plus a margin of 200 basis points to 335 basis points depending upon the Companybs leverage ratio, as defined, or (ii) base rate plus an applicable margin, depending upon the Companybs leverage ratio, as defined, with no amortization. The principal amount of the line of credit facility and all interest, fees, and other amounts owing under the line of credit are guaranteed by the Company and the UPREIT. | ' | ' |
Stockholders_Equity_Additional
| Stockholders' Equity - Additional Information (Detail) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||
| Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 19, 2014 | Mar. 21, 2013 | Jun. 30, 2014 | Jun. 19, 2014 | Jun. 06, 2013 | Mar. 21, 2013 | Jun. 04, 2014 | Mar. 21, 2013 | |
| Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock, Non Voting [Member] | Series B Preferred Stock, Non Voting [Member] | Common Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Non-management Member of Board [Member] | Non-management Member of Board [Member] | Non-management Member of Board [Member] | Executives [Member] | Executives [Member] | ||||
| Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||
| Stock Based Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Shares of common stock authorized for issuance | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Par value per share (in dollars per share) | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Shares of common stock issued | 13,732,232 | ' | 13,678,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Shares of common stock outstanding | 13,732,232 | ' | 13,678,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Shares of preferred stock authorized | ' | ' | ' | 10,000,000 | 10,000,000 | 6,500,000 | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Par value per share (in dollars per share) | ' | ' | ' | $0.00 | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
| Preferred stock, shares outstanding | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of shares of common stock which may be awarded | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of shares available for future issuance | 446,292 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Awards issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 50,002 | ' | 8,824 | 9,378 | 3,126 | 44,704 | 46,876 |
| Value of restricted shares issued | ' | ' | ' | ' | ' | ' | ' | $60,000 | $320,000 | ' | ' | $60,000 | $20,000 | $304,000 | $300,000 |
| Awards issued (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $6.80 | ' | ' | ' | $6.40 | $6.40 | $6.80 | $6.40 |
| Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years |
| Shares granted to vest, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'One fourth of the shares vested on the grant date and the remaining shares vest in equal installments on the next three anniversary dates of the grant. | ' | ' | ' | 'One sixth of the shares vest immediately upon issuance and the remaining shares vest in equal installments on the next five anniversary dates of the grant. | ' |
| Stock compensation expense | 194,000 | 318,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Unamortized stock compensation | $331,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Schedule_o
| Stockholders' Equity - Schedule of Dividends Declared on Common Stock (Detail) (USD $) | 6 Months Ended |
| Jun. 30, 2014 | |
| December 31, 2013 [Member] | ' |
| Stock Based Compensation [Line Items] | ' |
| Declaration Date | 20-Mar-14 |
| Record Date | 31-Dec-13 |
| Payment Date | 15-Apr-14 |
| Dividend Per Share | $0.02 |
| March 31, 2014 [Member] | ' |
| Stock Based Compensation [Line Items] | ' |
| Declaration Date | 20-Mar-14 |
| Record Date | 31-Mar-14 |
| Payment Date | 15-Apr-14 |
| Dividend Per Share | $0.08 |
| June 30, 2014 [Member] | ' |
| Stock Based Compensation [Line Items] | ' |
| Declaration Date | 19-Jun-14 |
| Record Date | 30-Jun-14 |
| Payment Date | 15-Jul-14 |
| Dividend Per Share | $0.08 |
Stockholders_Equity_Summary_of
| Stockholders' Equity - Summary of Restricted Stock Activity (Detail) (USD $) | 6 Months Ended |
| Jun. 30, 2014 | |
| Stock Based Compensation [Line Items] | ' |
| Non-vested at end of period, Shares | 49,316 |
| Restricted Stock Activity [Member] | ' |
| Stock Based Compensation [Line Items] | ' |
| Non-vested at beginning of period, Shares | 24,632 |
| New shares issued through June 30, 2014 | 53,528 |
| Vested, Shares | -28,844 |
| Non-vested at end of period, Shares | 49,316 |
| Non-vested at beginning of period, Weighted Average Grant Date Fair Value | $6.54 |
| New shares issued through June 30, 2014, Weighted Average Grant Date Fair Value | $6.80 |
| Vested, Weighted Average Grant Date Fair Value | $6.72 |
| Non-vested at end of period, Weighted Average Grant Date Fair Value | $6.72 |
Stockholders_Equity_Vesting_Sc
| Stockholders' Equity - Vesting Schedule of Total Non-Vested Shares of Restricted Stock Outstanding (Detail) | Jun. 30, 2014 |
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
| 2014 (6 months) | 15,227 |
| 2015 | 18,774 |
| 2016 | 8,040 |
| 2017 | 4,388 |
| 2018 | 2,266 |
| 2019 | 621 |
| Total Non-vested Shares | 49,316 |
Earnings_Loss_per_Share_Additi
| Earnings (Loss) per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
| Earnings Per Share [Abstract] | ' | ' | ' | ' |
| Number of common share equivalents | 0 | 0 | 0 | 0 |
Earnings_Loss_per_Share_Schedu
| Earnings (Loss) per Share - Schedule of Computation of Basic and Diluted Earnings per Share Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
| In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
| Numerator: | ' | ' | ' | ' |
| Income (loss) from continuing operations, net of noncontrolling interest | $867 | $1,009 | $901 | ($4,163) |
| Loss from discontinued operations, including loss on disposal of $1,963 for the three and six months ended June 30, 2013 | -59 | -2,570 | -51 | -3,808 |
| Net income (loss) attributable to common stockholders | $808 | ($1,561) | $850 | ($7,971) |
| Denominator: | ' | ' | ' | ' |
| Weighted average common shares outstanding - basic and diluted | 13,693,131 | 13,671,902 | 13,685,958 | 13,657,060 |
| Basic and Diluted Per Share Information: | ' | ' | ' | ' |
| Net income (loss) per share - basic and diluted | $0.06 | ($0.11) | $0.06 | ($0.58) |
Earnings_Loss_per_Share_Schedu1
| Earnings (Loss) per Share - Schedule of Computation of Basic and Diluted Earnings per Share Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
| In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
| Earnings Per Share [Abstract] | ' | ' |
| Loss on disposal | $1,963 | $1,963 |
Related_Party_Transactions_Add
| Related Party Transactions - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | ||||
| Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 11, 2013 | Jun. 30, 2013 | 16-May-14 | |
| Lighthouse [Member] | Lighthouse Sixty, LP [Member] | Jerome Cooper [Member] | Jerome Cooper [Member] | RMF [Member] | Joel Hammer [Member] | |
| Installment | ||||||
| Related Party Transactions [Line Items] | ' | ' | ' | ' | ' | ' |
| Fees paid to related party | ' | ' | ' | ' | $100,000 | ' |
| Lease expiration date | 16-Jan-14 | ' | ' | ' | ' | ' |
| Lease termination fee | 150,000 | ' | ' | ' | ' | ' |
| Current annual base rent under lease agreement | ' | 234,000 | ' | ' | ' | ' |
| Lease expiration year | ' | '2020 | ' | ' | ' | ' |
| Aggregate payment to related party | ' | ' | ' | 360,000 | ' | 50,000 |
| Number of annual installments under separation agreement | ' | ' | 3 | ' | ' | ' |
| Annual installments under separation agreement | ' | ' | $120,000 | ' | ' | ' |
Commitments_and_Contingencies_
| Commitments and Contingencies - Additional Information (Detail) (Divestiture [Member], USD $) | 6 Months Ended | |
| Jun. 30, 2014 | Dec. 31, 2013 | |
| Divestiture [Member] | ' | ' |
| Commitments and Contingencies [Line Items] | ' | ' |
| Pension withdrawal liability | $1,300,000 | $1,400,000 |
| Monthly installment payments including interest, for pension withdrawal liability | $8,100 | ' |
| Term of payment | '20 years | ' |
| Term ending year | '2032 | ' |
Fair_Value_Schedule_of_Fair_Va
| Fair Value - Schedule of Fair Value of Financial Assets and Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
| In Thousands, unless otherwise specified | ||
| Financial liabilities: | ' | ' |
| Revolving credit facility | $10,398 | ' |
| Carrying Value [Member] | ' | ' |
| Financial assets: | ' | ' |
| Cash and cash equivalents | 4,525 | 6,323 |
| Accounts receivable | 822 | 772 |
| Financial liabilities: | ' | ' |
| Accounts payable and accrued expenses | 1,834 | 1,941 |
| Revolving credit facility | 10,398 | ' |
| Mortgage notes payable | 187,229 | 178,930 |
| Pension withdrawal liability | 1,349 | 1,379 |
| Estimated Fair Value [Member] | ' | ' |
| Financial assets: | ' | ' |
| Cash and cash equivalents | 4,525 | 6,323 |
| Accounts receivable | 822 | 772 |
| Financial liabilities: | ' | ' |
| Accounts payable and accrued expenses | 1,834 | 1,941 |
| Revolving credit facility | 10,398 | ' |
| Mortgage notes payable | 187,190 | 180,664 |
| Pension withdrawal liability | $1,297 | $1,249 |